Philippine sovereign wealth fund (SWF) manager Maharlika Investment Corp. (MIC) has denied circulating claims that a fraudster serves as the state-run firm’s adviser.

In an Oct. 21 statement, MIC said it “unequivocally and categorically denies” that a convicted fraudster from the financing firm One Malaysia Development Berhad (1MDB) now holds an advisory role in the SWF.

“These reports contain false, baseless, and damaging allegations suggesting that an individual named Patrick Mahony serves as an adviser, consultant, or affiliate of MIC,” it said.

“MIC categorically denies these claims and clarifies that Mr. Mahony has not been and has never been engaged by MIC in any capacity, whether formal or otherwise,” the firm further asserted.

MIC stressed that it operates strictly within its legal authority and under the supervision of its appointed Board of Directors (BOD) and management team.

“MIC is composed of highly qualified professionals across its investment and legal functions, each of whom upholds the highest standards of competence, integrity, and accountability. All investment decisions undergo a rigorous and transparent process to ensure that they are prudent and consistent with both national objectives and global best practices,” it said.

It also called out SarawakReport.org and other media outlets for publishing misleading reports, urging them to practice responsible journalism by verifying information about the fund with its official sources before publication.

MIC said it has also taken other actions, such as demanding “an immediate correction or retraction of the misleading content.” It added that taking down these stories would help prevent the spread of false and potentially harmful information about the country’s SWF.

“MIC remains focused on its crucial mandate to manage and invest the Fund’s assets responsibly for the benefit of the Filipino people,” it said.

The fund aims to generate ₱1.8 billion in gross income this year from the ₱34.9 billion it plans to deploy in capital. It is also targeting a net income of ₱1 billion from the deployed capital, with expected net returns from the fund’s total capital base reaching ₱4.1 billion.

To date, the MIF has invested ₱19.7 billion to acquire a 20 percent stake in the National Grid Corporation of the Philippines (NGCP). It has also entered into a deal with Thailand’s Charoen Pokphand Group Co. Ltd. for investments in agriculture and food production, digital innovation, and sustainable energy.

Additionally, it provided a $76.4 million (approximately ₱4.3 billion) bridge loan to Makilala Mining Co., Inc. to support the development of the Maalinao-Caigutan-Biyog copper-gold project in Kalinga Province.